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A farmer is producing where MC = MR. Say that half of the cost of producing wheat is the rental cost of land ( a fixed cost ) and half is the cost of labor and machines ( a variable cost ) . If the average total cost of producing wheat is $20 and the price of wheat is $8, what would you advise the farmer to do? ('Grow something else' is not allowed)
A) The farmer should increase the price at which he sells wheat to $20.
B) In the short run, the farmer should shut down because he is making a net loss. By producing he will lose $12 per unit, but if he did not produce he would simply have zero profit.
C) In the short run, the farmer should still grow wheat because by producing he will lose $12 per unit, but if he did not produce he would lose $10 per unit. In the long run, the farmer will go out of business.
D) The farmer should reduce output so that average total costs would decline.
Assume a perfectly competitive firm's short-run cost is TC = 120 + 160Q + 3Q2. If the market price is $196, what should it do. Elucidate your answer, if continue then explain how much is to produce; state profit level in each decision it makes.
The largest loan that the bank can make on the basis of the new deposit. If the bank chooses to hold reserves of $3,000 on the new deposit, what are the excess reserves on the deposit.
The national debt is now $8,700,000,000,000. If the population of the United States is 300,000,000 what is each citizen's share of this debt? The national debt is rising at the rate of 1.69 billion dollars per day. Explain how much is each citizen..
Two fi?rms compete in a duopoly market. Each fi?rm chooses a quantity and the price in the market is determined from the following inverse demand function.
Country Z is a developing country that is facing problems of deforestation.
If the marginal cost is a constant of 6, would that mean it is an economy of scale or diseconomy? My first thought was that it would be a diseconomy since I thought MC needed to approach zero for very large quantitities.
q1. josephine makes 100 a day as a flower shop attendant. she takes off two days of work without pay to travel to
Does overvaluation (undervaluation) of As currency reflect a major capital inflow (outflow) into country. What can you find with respect to financial account of balance of payments to substantiate that interpretation.
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Deficient as the sole mechanism for determining the optimal level of resource employment.
Use your own example in order to illustrate these concepts. Can the marginal utility from a product be negative? If yes, give an example.
If a policy is Pareto optimal:
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